The Columbia Daily Tribune ( http://bit.ly/ol38tT ) reports the university will pay $12,000 a month and have an option to buy the theatre for $3.7 million once its lease expires. The university’s share will be reduced by $3,500 since it will receive lease payments from a frozen yogurt shop and the Columbia Art League, which rent portions of the building.

The former vaudeville house reopened in 2008 amid a $10 million renovation but was soon unable to pay its bills. The theater temporarily closed in 2010, only to again open on a limited basis several months later while relying on symphony society volunteers rather than paid employees.